South African foreign reserves increase 2.7pct in August on gold price surge

South African reserves advanced 2.7 percent in August as a surge in the gold price boosted the value of the country’s bullion holdings.
Gross gold and foreign-currency reserves rose to $51.45 billion from $50.11 billion in July, the Pretoria-based Reserve Bank said on its website today. The median estimate of eight economists surveyed by Bloomberg was for gross reserves to climb to $50.9 billion. Net reserves increased to $49.13 billion from $47.87 billion, more than the $48.4 billion median estimate of six economists……………………………………….Full Article: Source